GUCCI GROUP TO ACQUIRE BOTTEGA
PARIS — Gucci Group is expected to announce today that it will acquire Italian ready-to-wear and leather goods firm Bottega Veneta, WWD has learned.
Terms of the deal were not available at press time. As reported, cash-rich Gucci has had its eye on Bottega, which was founded in 1966 and earned fame for its shoes and signature woven-leather bags. To boost its fashion image, the house launched a rtw collection in 1998.
The company, owned by the Moltedo family, has a network of some 60 boutiques worldwide, including two in New York, on Madison Avenue and in SoHo.
Gucci, in an acquisition mode over the past year-and-a-half, is also said to be leaning toward backing a signature collection for hot Paris designer Nicolas Ghesquiere, who is currently at the house of Balenciaga.